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TNNA New Headquarters Office Open!

Posted By TNNA HQ, Tuesday, September 27, 2016
Updated: Friday, September 23, 2016

Dear Members:

Last month, I shared the exciting news that The National NeedleArts Association (TNNA) Board of Directors selected SmithBucklin as our new management company. The decision came as part of TNNA’s strategic plan to increase membership and improve year-round value by enhancing the education, products and services provided to the specialty needlearts market.

I am happy to share that as of yesterday, September 26, 2016, TNNA’s Headquarters office is now open in Chicago. When you call our new office, you will be speaking with one of our membership and operations team members. Our new headquarters staff is excited to work with you and is eager to be of service.

I am delighted to announce that Susan Lane has been named TNNA’s new executive director. In her role, Susan will both work alongside the TNNA Board of Directors to establish strategic objectives as well lead the staff team in execution of TNNA’s plan.

We look forward to working with Susan and the TNNA headquarters staff in our new partnership.

Get to know your new staff!

These individuals, led by Susan, will be on the frontlines of all member questions.

       
 Susan Lane  Megan Schwartz  Rachel Burns Madeline Houser
Executive Director Membership and Operations Coordinator Membership and Operations Senior Associate Membership and Operations Associate

Our new contact information is:

The National Needlearts Association (TNNA)
330 N. Wabash Ave., Suite 2000
Chicago, IL 60611
Phone: 312-321-6823
Fax: 312.673.6628
info@tnna.org

Please be aware that some files are still being transferred, so certain inquiries may require research on the part of our new staff members during this transition period. However, rest assured that they will do their utmost to get an answer to all of your questions as quickly as possible.

Thank you for being a valued member of TNNA. Should you have additional questions or concerns, please contact me directly at dave@louet.com.

Best regards,

Dave VanStralen
President, The National NeedleArts Association 

 


Tags:  News  The National NeedleArts Association (TNNA)  TNNA Staff 

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TNNA Releases 2016 US Participation and Spending in Needle Arts

Posted By India Hart Wood, Hart Business Research, Wednesday, September 14, 2016

 

TNNA Survey

August 2016 research sponsored by TNNA, part of the TNNA State of Specialty NeedleArts Study 2016, indicates 23% of U.S. adults did at least one needle art in the past year: knitting, crocheting, weaving, spinning, cross-stitching, needlepoint, or hand embroidery. Most do two needle arts. Participation is relatively higher among females, ages 18-34, nonwhites, households with lower incomes and more people, households with children, and those without a college degree. They  spend $2 to $3 billion a year on needle arts supplies.


In August 2016 TNNA placed three questions on ORC International’s national general population Online Caravan Omnibus survey to determine national participation rates, spending, and shopping habits in each needle art. (This is a separate from the surveys of needle arts enthusiasts in February 2016.) TNNA members can dive deep into needle arts participant demographics, spending, cross-participation, retail channels, and more. Download the Excel file for U.S. Needle Arts Participation Survey Results.

According to the participation survey, needle arts participants spent an average of $60 each on supplies in the past year. Those who spent more were older adults (age 65+), residents of the U.S. Northeast, from higher income households, those with children, and college graduates. These findings are consistent with the typical profile of needle arts enthusiasts (versus participants); most enthusiasts spend more than $200 a year on supplies.

Needle arts participants shop at a range of retail types. 25% shopped online for needle arts supplies. Nearly all shopped in-store, at craft or hobby chains (62%), mass merchandisers (42%), or local independent yarn, stitching, or crafts shops (22%). In contrast, enthusiast needle artists are most likely to shop at specialty needle arts stores, either online or locally.

Percentage of U.S. adults participating in each needle art:

Needle art

Participation

Crocheting

10%

Knitting

9%

Weaving

3%

Spinning yarn

2%

Cross-stitch

7%

Hand embroidery

5%

Needlepoint (on painted canvas, not plastic)

4%

Any needle art

23%


Data is from three questions on the ORC International Online Caravan Omnibus Survey of a demographically representative sample of U.S. adult volunteer survey takers. The participation rate for the needle arts (23%) is about two times that reported by the 2012 U.S. Census Survey of Public Participation in the Arts, a more reliable survey where 3/4 of randomly-selected (not volunteer) households responded. Therefore participation rates may be half of what is reported above. The lower rate is more consistent with data from the U.S. International Trade Commission and specialty needle arts retailers. The TNNA U.S. Needle Arts Participation Survey data on participant spending, shopping habits, and demographics are reliable.

The TNNA State of Specialty NeedleArts 2016 Study is independently produced by Hart Business Research and sponsored by TNNA. TNNA members may access the complete study, including the results of seven enthusiast needle arts surveys, at http://www.tnna.org/?Survey2016.

Tags:  TNNA Survey Says 

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Are you in on Instagram?

Posted By Don Lynch, Tuesday, September 13, 2016

I recently read an article on using Instagram effectively for a small business, and while it wasn’t brand new (it was originally posted in February of 2015) it made some really good points. One of its first premises was the heavy usage by that magical demographic of teenagers. I thought to myself, Hmm…we all want to engage teenagers and young twenties as the future of the needle arts. Hey, I have a couple of teenagers, why don’t I ask them for some Insta-advice?!?

Here are a few Insta-rules, as relayed by a brief, and very unscientific survey of teenage users of Instagram (and I think they can apply to a more mature audience that also enjoys Instagram.)

  1. Be consistent. I’ve been told that brands or people that post at a consistent pace (for example, once a week, or Mondays and Fridays) become part of an Instagram user’s routine. Without specifically noticing it, the user gets used to seeing posts with regularity and subconsciously looks for those posts.
  2. Don’t over-post. Although it was explained to me that the “rules” have recently changed a bit (keep in mind, this discussion is based on teenagers’ opinions, so this might be outdated before I hit “save,”) heavy users don’t want to see a poster over share. The old rule (unwritten, of course) suggested you not post a new picture until the “likes” on your last post hit “digits.” For the uninitiated, likes are indicated under your picture, and show up as the individuals user name until you have 11 or more likes, then it shows as a number. When you’ve got a number, you’ve hit digits. To further confuse you, if it’s the next day, post away, irregardless of the number of likes on your last post.
  3. Use a consistent hashtag, and always have a hashtag. Hashtags give a post a simple, searchable identification. By using a consistent hashtag, it also helps to build awareness. If all your posts have #needlepoint, #knitting, #cross-stitch, #weaving, #TNNA, or several other variations, the deeply secret and overly complicated algorithms that dictate what shows up on the user’s “Explore” page will give you more exposure. (The “Explore” page is a page of postings from people or companies that you don’t follow, but that those mystery algorithms suggest you might be interested in.)
  4. Posts should be visually interesting. Instagram is a visual medium, and relies less on verbiage than other social mediums. Use Twitter for class or sale announcements, and Facebook for conversational exchanges with your customers. Instagram is best for creating awareness through images. Or, as one of the kids I spoke with said, “we just want to see the pretty pictures!”
  5. Tracking Insta-success is hard. There are (expensive) services that you can employ to measure the effectiveness of all your social media usage. There are also “click-farms” off shore that somehow make money by “liking” postings of companies that pay for social media advertising or effectiveness measurement services. Noticing the number of followers increasing, or a custom mentioning an Instagram post is probably the easiest measure of Insta-success.

For a more professional survey of using Instagram for small businesses, American Express has an excellent forum for small business owners found here. Our own Stacey Trock has a webinar coming up (at half price for members!) in November on using social media effectively - learn more here. You can also explore the 2016 State of the Needle Arts survey results for a more detailed explanation of social media and the needle arts.

Want more information on using social media to your advantage? click here to learn more about the social media outlets your customers are using most often, so you can decide where to spend YOUR time online!

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The Needlepoint Revolution

Posted By Melissa Prince, Tuesday, September 13, 2016

Most of us have encountered that person at a social gathering who wants to know just what exactly needlepoint is. They may have had a picture in their mind of one of the old European tapestries, or perhaps their grandmother stitching something that turns out to be cross stitch….

The truth is, needlepoint is not one specific thing. We’ve moved from wool and cotton to 40 thousand choices of threads. We have ventured beyond basket weave and continental into books with hundreds of pages of stitches to learn. We incorporate other needle arts into our designs: crewel work, embroidery, stump work, braiding, crochet - it’s endless.

We add decorative objects: beads, buttons, bangles, ribbons, wires, tassels, added canvas for dimension and texture. Various threads add sparkle, fuzz, bendability, and even glow in the dark.  It doesn’t ever end – companies are coming out with new exciting products to work with at every show!

Where is this headed? I think we’re in the perfect position to help ourselves and grow the industry. How can there not be something for everyone with all the options we have to offer?  I believe that we have a country full of those people you meet at a party who simply don’t know about our craft. Let’s show them! I know there’s the money argument – just forget about that for the moment.  Think about all the people who signed stupid fitness center contracts, decided to take tennis lessons, bought the expensive juicer/roaster/toaster wonder appliance or the pair of to-die-for shoes that are all used once. Admit it: if you really want it, you’ll buy it.

Leigh Richardson’s newsletter just mentioned an article in the Omaha newspaper about needlepoint. (Thank you Leigh!) Village Needleworks owner, Mary de Sousa, told me that all that she did was get in contact with a local reporter and suggest the story. There are Lifestyle editors everywhere looking for ideas. Local TV news has many slow news days. There’s internet screaming for clicks. What makes you think that media would be any more aware of us than those people at the party? We’re not a secret society! We have to show them so that we can stop trying to explain it. Create an event. Start the revolution! Make that call. Share your ideas – and have some fun.

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Create Traffic Patterns Inside your Retail Store for Improved Sales

Posted By Kevin Kissell, Friday, September 09, 2016

Kevin Kissell is back for part 2 of his series on merchandising for retailers. Did you know that you could create traffic patterns inside your store to help improve your sales? Read on for more!

Traffic patterns.
Did you know that ninety percent of people enter a store and turn to the right? It makes sense, right? We drive on the right side of the road, we walk on the right side of the sidewalk, and the majority of our population is right-handed. Merchandise your store accordingly!

The area to the right of your decompression zone is known as one area of Prime Real Estate within your store. (Did you miss the prior post explaining the decompression zone? Find it here.) Savvy store merchandisers will generally place new product here or some sort of tie-in to what customers saw in the windows. These fixtures, tables and/or displays are also known as speed bumps and work to slow people down in precise areas of your store. They grab your attention and tell a story. Anytime you want to slow customers down in order to get them to pay attention to select merchandise or to a particular part of your store, create a speed bump.

Another area of prime real estate is the right front wall. Many larger retailers refer to this as the Power Wall. This wall has the power to set the entire theme of your store, so put your best foot forward! Use the power wall to display new, seasonal, or promotional items. You can tell important stories, or display popular products. Most stores have more than one power wall. Generally it is the first right wall and the back wall of the store, depending on your architecture. Stand in different parts of your store and locate the walls that really stand out from the front of the store – these are your power walls. Never place sale items in the front of your store.

Another note about traffic patterns.
What is your store layout? Most store layouts will be affected by non-controllable architecture – things like the shape and size of the overall sales floor, and columns. The goal is to create the most impactful store layout in order to expose customers to product and to achieve a good traffic flow. At this point it is important to understand your target customer. In general, women are all about exploration and discovery within a store. Men on the other hand like to see clear pathways and defined sight lines throughout a store. There are a couple general types of store layouts: the Loop and Free Flow.

The loop basically creates a clearly defined pathway around your store. A customer would typically enter the store, walk to the right and follow a meandering path to the back of the store and up the left side of the store toward the exit. The loop offers consistent flow through a store with maximum merchandising opportunities throughout the store. It is simple and easily understood.

Most small and specialty retailers use the Free Flow layout because it’s more creative and allows customers the opportunity to explore and discover unique vignettes throughout your store. Here, fixtures can be angled or unique merchandise adjacencies could be placed together to create more visual interest.

Get creative! Grab your blueprints or create a map of the selling floor and start to sketch out different layouts. Change them from season to season to keep overall interest high.

Create a parking lot.
Yes. Create a parking lot inside your store. Women tend to do the majority of the shopping. Men and anxious children tend to follow these women around whilst they are doing the shopping. Make them feel more comfortable! Create a cozy seating area with a rug, lighting, chairs, a coffee table and plenty of reading material. If your disinterested shopping partner is entertained, you can spend more time shopping. And don't forget to merchandise the adjacent space around your parking lot accordingly! This is a great place for gift ideas and impulse purchases.

Where is your Cash Wrap?
Since most customers enter and walk to the right we should place our cash register on the right, right? Wrong! Most small retailers make the mistake of placing their cash wrap in the right-front area of their store. Remember, this is your prime real estate! Your cash wrap should be located at a natural stopping point in the store layout – the left side of the store near the front.

Research shows that the checking out experience is a point of frustration for most customers. This is a critical time and place where product, place and people all come together. Make the checkout experience a positive and memorable one. Give customers enough space to complete their transaction comfortably – room for bags, and purchases. Use your cash wrap to sell impulse items. Create interesting displays of merchandise that may have been overlooked, or that are easily gifted. Insure that policy and procedure signage is not abrasive or overly imposing. This is your chance to build a lasting relationship with your customer.  Invest in good quality shopping bags that will make a memorable impression.

Lighting.
Lighting is key to any built environment. Most retail stores have at least three types of lighting: General overhead lighting, Track or focused lighting, and themed or decorative lighting.

  • General lighting is most often large fluorescent lighting that bathes the sales floor with light, and is most often cool in color. Keep the color of your general lighting consistent – either all cool bulbs or all warm bulbs.
  • Track lighting allows for focused beams of light to be placed on creative displays, merchandise or tables. There are many great and inexpensive LED options which create a pleasing color and produce much less heat than traditional halogen spot lights.
  • Themed lighting is great for creating special vignettes throughout a store. These can be smaller lamps that enhance a table display, or small chandeliers hanging above a table.
  • Retail lighting is an art and takes time to master. Always spot displays and creative elements first, then wall merchandise, then floor merchandise. Crossing spots or ‘feathering’ light is much better than harsh direct spots of light. Once lighting is set in your own location, stand in the front of your store and notice if any lights are blinding you from the front door. If so, re-direct them away from the front door.

Your goal is to create excitement and to share an experience with your customer. Do your best to stimulate the five senses, from an inviting aroma to the look and feel of a nice paper bag. Plan your traffic flow based on your own target customer. Get inspired! Go shop the competition, hire an art student to create interesting display objects or ask a trusted friend to walk your store. You want to show your store assortment and everything you have to offer, so create a space that welcomes exploration and discovery.

Kevin Kissell, MFA, is an Instructor in the Department of Design and Merchandising at Colorado State University. His research interests include store design, visual merchandising, and textile design. Prior to entering higher education he accrued over fifteen years of visual merchandising experience.

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TNNA Survey Says: How Is Your Counted Thread Store Doing?

Posted By India Hart Wood, Hart Business Research, Friday, September 09, 2016

TNNA Survey Says is a biweekly series of articles featuring useful business advice based upon the TNNA State of Specialty NeedleArts 2016 surveys of more than 15,000 fiber artists, retailers, and wholesalers.

TNNA Survey

Financial Benchmarks for Counted Thread Retailers

Wise people go to the doctor for a checkup every so often. Wise business owners check the health of their business compared with benchmarks for the industry. Use the following table to understand how your retail counted thread businesses is doing compared with others. Counted thread stores in 2015 typically had sales of $92,000, inventory valued at $60,500, a sales floor of 950 square feet, and sales per square foot of $84. Half grew and half were profitable. How did your business do?

If you’re doing better than most, pat yourself on the back and keep up the success. If you are not doing as well as most and would like to have an income from your business, kick yourself into making some changes. Look at the other TNNA Survey Says blog posts for ideas about store features, marketing, product trends and selection, and adding more value to your business.

Summary of financial data for counted thread retailers:

Benchmark

Counted thread retailers*, 2015

Gross annual sales

Median (typical store) $92,000
15% more than $200,000
30% $50,000 or less

Sales growth

54% increased
12% no change
35% decreased

Profitable

52% yes
48% no

Profit margin
= profit divided by gross sales

12% average

 

Owner income from store
(salary, distribution, or dividend)

52% yes
48% no

Spending with suppliers per year

$39,000 median

Inventory value
(12-month average, at cost)

$60,500 median

Inventory turn
= sales/(inventory value x markup)

0.74

Retail sales floor size

950 square feet, median

Sales per square foot

$84 median
(in-store sales only)


Data from multiple questions on TNNA 2016 Needle Arts Retailer Survey. Much more detail is available in the Counted Thread Retailer Survey Results Report.


*27 counted thread retailers responded to the survey, which is not enough for a statistically reliable sample, but this data is still useful to understand about how your store is doing. Counted thread retailer benchmark data did not change markedly since 2009 and 2012 and it was similar to that of yarn retailers, indicating the data is reliable.

  • Source: TNNA 2016 Counted Thread Retailer Survey Results
  • Freshness: Retailers surveyed February 23 to March 28, 2016.
  • Respondents: 325 yarn retailers, 41 needlepoint retailers, and 27 counted thread retailers

More information: http://www.tnna.org/?Survey2016

Tags:  TNNA Survey Says 

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Is it time for YOU to go “back to school” this Fall?

Posted By Penny Franz, Ewe Count, Tuesday, September 06, 2016

It’s about that time: school is starting, it’s getting dark earlier, it’s a little cool in the morning. Fall and winter are right around the corner. Vacations have come to an end, snowbirds are on the move, and the holidays are fast approaching.


It doesn’t matter which kind of needlework you do – cross stitch, needlepoint, or yarn – you know it is going to start getting busier. Those darn holidays (you know the ones – they come around at the same time every year) just seem to sneak up on us. There are deadlines for finishing and gosh, we just should have started earlier! The customer that only knits an hour or two a week wants to know how long that sweater is going to take.  


It’s exciting to be a shop owner; our new fall classes are starting and the possibilities are endless.  Busy moms are back in the shops looking for something to do now that the kids are back in school. New fall stock is arriving and new models must be made up. Are you ready for the fall and winter season? Have you made plans to learn something new yourself?  


Have you checked out the upcoming webinars available to TNNA members? It looks like the next two classes in September and November are geared directly to shop owners and should help with pricing and social media!  We can never have too much help with either of those items. I know we are all busy, but these classes were designed with the busy shop owner in mind and even if you can’t “attend” the class the day it is presented, if you pay for the class you can go back and watch it whenever you have some free time.  


These are a great deal and exactly what the shop owners have been asking for.  We hope you will take advantage of these opportunities and let us know what other topics you would like to see in the future!


Learn more about the upcoming webinars here:

Pricing Strategies & Goals in Retail, September 15

Manage your Social Media, November 2

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TNNA Survey Says: How Is Your Needlepoint Store Doing?

Posted By India Hart Wood, Hart Business Research, Tuesday, September 06, 2016

TNNA Survey Says is a biweekly series of articles featuring useful business advice based upon the TNNA State of Specialty NeedleArts 2016 surveys of more than 15,000 fiber artists, retailers, and wholesalers.

Financial Benchmarks for Needlepoint Retailers

Wise people go to the doctor for a checkup every so often. Wise business owners check the health of their business compared with benchmarks for the industry. Use the following table to understand how your retail needlepoint businesses is doing compared with others. Needlepoint stores in 2015 typically had sales of $205,000, inventory valued at $145,250, a sales floor of 1,445 square feet, and sales per square foot of $188. Stores reported 73% grew and 59% were profitable. How did your business do?

If you’re doing better than most, pat yourself on the back and keep up the success. If you are not doing as well as most and would like to have an income from your business, kick yourself into making some changes. Look at the other TNNA Survey Says blog posts for ideas about store features, marketing, product trends and selection, and adding more value to your business.

Summary of financial data for needlepoint retailers:

Benchmark

Needlepoint retailers, 2015

Gross annual sales

Median (typical store) $205,000

56% more than $200,000

16% $50,000 or less

Sales growth

73% increased

2% no change

25% decreased

Profitable

59% yes

41% no

Profit margin

= profit divided by gross sales

15% median

 

Owner income from store

(salary, distribution, or dividend)

68% yes

32% no

Spending with suppliers per year

$65,000 median

Inventory value

(12-month average, at cost)

$145,250 median

Inventory turn

= sales/(inventory value x markup)

0.76

Retail sales floor size

1,445 square feet, median

Sales per square foot

$188 median

(in-store sales only)

Data from multiple questions on TNNA 2016 Needle Arts Retailer Survey. Much more detail is available in the Needlepoint Retailer Survey Results Report.

  • Source: TNNA 2016 Needlepoint Retailer Survey Results
  • Freshness: Retailers surveyed February 23 to March 28, 2016.
  • Respondents: 325 yarn retailers, 41 needlepoint retailers, and 27 counted thread retailers

More information: http://www.tnna.org/?Survey2016

 

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Are you prepared to change with the times?

Posted By Beth Casey, Lorna's Laces , Tuesday, August 30, 2016

As they say, “The times they are a changing.” This is true for wholesalers, retailers and even trade organizations. For me, as a wholesaler and proud TNNA member, they seem to be changing almost as fast as I can think. At times, it can seem overwhelming.

For many years, our planning process revolved around two big events: the summer and winter trade shows. We thought about what new yarns to bring in, what new colors to produce, and what models would pique a shop owner's interest. We circled the dates on the calendar in big red letters and worked feverishly to make sure everything was done by then.

I'll bet many of you worked the much same way. You'd find out what was new at market and then build your plan around that. It used to be that consumers looked to shops for the latest and greatest. They trusted their local shop and went to them for answers. Your customers would buy what you bought, they'd learn what you'd learned. And all was right with the world.

Well, that idea almost seems quaint today. Shops aren't the sole source for ideas, inspiration, and supplies. Consumers are looking to Facebook, Instagram, Twitter and Pinterest. Newsletters and emails come from you, newsletters and emails come from me. Ads are pushed at us every time we turn on our computers. Today’s consumer is bombarded, inspired and informed more than ever before.

Who do they think of when they see all these messages? Is it you? Can they see a post and know that their local shop can help them sort through the clutter and even bring these items to them? If not, how do we make that happen? How do we make ourselves the first thing they think of when they think of stitching? How can we get them to think globally and act locally?

Certainly trade shows are a big part of TNNA’s plan. They are where the rubber has always met the road in terms of keeping wholesalers and retailers connected, but we need to think in terms of an ongoing conversation with our members and continue that conversation downstream to the knitter, weaver, needlepointer and cross stitcher. We need to come together to engage all of them 365 days a year.

I have my thoughts and will share some here, but I am no expert. To paraphrase Julia Roberts, “I’m just a girl, selling some yarn and asking consumers to love her.”

Here are a few of my ideas, but I would love to hear some of yours. I can use help sorting through these crazy days too.

The first place I encourage everyone to start is the image they project both online and off.

When was the last time you updated your website? You may not want to get into the ecommerce game, but your website should look up-to-date, fresh and be easy to navigate. For many people, it is how you make your first impression. You probably spend lots of time planning your shop window; your online window is just as important. Have you made it easy for them to find you? I can't tell you how often I've had to drill down on a site to find a street address or phone number. People will move on if we don’t make it easy. When I think about our website I put myself in the position of someone coming to the site. I think about what they want to find, not necessarily what I want to sell.

Have you thought about getting products exclusive to you and your customers? It’s a great way to distinguish yourself from the competition. A definitive yarn color. A special put up of yarn. A limited edition canvas. Many vendors will create custom goods exclusive to you for your clients, all you have to do is ask.

How about creating events around those custom products? Maybe a club? Clubs are a great way to bring a captive audience into your shop over and over. Starting a club with exclusive items can keep customers coming in repeatedly. Likely as not, once they are there, they will buy more than just the club offering.

How about Stitch-A-Longs? They bring people into the shop many times over the course of a project, too. People like to work together. We talk about community all of the time and this is a wonderful way to build yours.

Are you playing nice with your neighbors? Shop crawls create excitement for everyone in the area and have been all the rage lately. You should get involved with one if you can. However, I recognize they don’t work for everyone. Are you too far away from other stitching shops to make a traditional crawl make sense? What about partnering with other kinds of shops? Our neighborhood in Chicago hosted a Soup Walk (http://www.lakevieweast.com/soup-walk/) in February. Nine restaurants gave away soup tastings in nine local shops. We walked from shop to shop, tasting soup on a cold February afternoon. Even though I’ve lived in the neighborhood for more than a decade, I discovered a couple of gems that I patronize regularly now. The Mushroom Barley Soup from The Bagel has become a staple of our weekend menu.

You'll be introduced to lots of new customers who otherwise might not have found you.

These are just a few ideas that I have and am playing with, but no conversation should be one sided. I would love to hear what you are doing or thinking of doing. If we share ideas maybe we can find a new path together.

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TNNA Survey Says: Financial Benchmarks for Yarn Retailers

Posted By India Hart Wood, Hart Business Research, Tuesday, August 30, 2016

TNNA Survey Says is a biweekly series of articles featuring useful business advice based upon the TNNA State of Specialty NeedleArts 2016 surveys of more than 15,000 fiber artists, retailers, and wholesalers.

TNNA Survey

Financial Benchmarks for Yarn Retailers

Wise people go to the doctor for a checkup every so often. Wise business owners check the health of their business compared with benchmarks for the industry. Use the following table to understand how your retail yarn businesses is doing compared with others. Yarn stores in 2015 typically had sales of $125,000, inventory valued at $75,000, a sales floor of 1,025 square feet, and sales per square foot of $95. Half grew and half were profitable. How did your business do?

If you’re doing better than most, pat yourself on the back and keep up the success. If you are not doing as well as most and would like to have an income from your business, kick yourself into making some changes. Look at the other TNNA Survey Says blog posts for ideas about store features, marketing, product trends and selection, and adding more value to your business.

Summary of financial data for yarn retailers:

Benchmark

Yarn retailers, 2015

Gross annual sales

Median (typical store) $125,000
29% more than $200,000
25% $50,000 or less
Range: $25,000 to $10 million+

Sales growth

48% increased
11% no change
41% decreased

Profitable

50% yes
50% no

Profit margin
= profit divided by gross sales

16% median

 

Owner income from store
(salary, distribution, or dividend)

54% yes
46% no

Spending with suppliers per year

$49,000 median

Inventory value
(12-month average, at cost)

$75,000 median

Inventory turn
= sales/(inventory value x markup)

0.99

Retail sales floor size

1,025 square feet, median

Sales per square foot

$95 median
(in-store sales only)


Data from multiple questions on TNNA 2016 Needle Arts Retailer Survey. Much more detail is available in the Yarn Retailer Survey Results Report.

  • Source: TNNA 2016 Yarn Retailer Survey Results
  • Freshness: Retailers surveyed February 23 to March 28, 2016.
  • Respondents: 325 yarn retailers, 41 needlepoint retailers, and 27 counted thread retailers

More information: http://www.tnna.org/?Survey2016

Tags:  TNNA Survey Says 

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